March 12, 2009 / 1:15 PM / in 9 years

UPDATE 1-TransForce posts Q4 profit; freezes salaries

* Q4 profit C$0.17/shr vs loss C$0.36/shr last year

* Revenue rises 10 pct

* Says implements hiring and salary freeze

March 12 (Reuters) - Transportation and logistics provider TransForce Inc TFI.TO posted higher fourth-quarter results, helped by cost-cutting initiatives.

The company posted net income of C$14.8 million, or 17 Canadian cents a share, compared with a net loss of C$30.9 million, or 36 Canadian cents a share, a year earlier.

Excluding items, the company earned 26 Canadian cents a share.

Revenue rose to C$544.5 million.

Analysts on average were expecting earnings of 20 Canadian cents a share, before special items, on revenue of C$573.0 million, according to Reuters Estimates.

“Initiatives taken to curtail costs included implementing hiring and salary freezes, and placing strict controls on capital and discretionary expenditures,” CEO Alain Bedard said in a statement. “We also continued to adjust staffing levels to align with lower demand.”

TransForce shares, which have lost more than 60 percent of their value in the last six months, closed at C$2.98 Wednesday on the Toronto Stock Exchange. ($1=1.293 Canadian Dollar) (Reporting by Biswarup Gooptu in Bangalore; Editing by Anne Pallivathuckal)

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